债务融资与企业价值

关于债务融资的意义,传统的财务理论仅仅告诉我们具有税盾收益和财务杠杆效应等.然而,现代财务理论却告诉我们,债务融资的意义远不止于此.它不但是企业降低代理成本的一种有效的途径,还是企业与市场和投资者等进行交流的一种工具,以及实施某种竞争战略的一种有效的手段,从而能够有效地提升企业的价值.

Debt financing and the value of enterprises

Traditional financial theory tells us that debt financing has the effect on taxation earning and financial lever. However, modern financial theory tells us that debt financing is not only a effective path for enterprises to lower agency cost but also a tool for enterprises and market and investors to transact business and an effective method to implement competitive strategy and can raise the value of enterprises.